Prepare statement of comprehensive income ,SOCIE and statement of financial position Activity 13: Green The following trial

 Prepare statement of comprehensive income ,SOCIE and statement of financial position

 

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Activity 13: Green The following trial balance was extracted from the books of Green at 30 September Year 7: Account Dr. Cr. Inventory 1 October Year 6 1153 Purchases 37 695 Sales (revenues) 75 000 Sales (revenues) returns 1 000 Purchases returns 1500 Account receivables Allowance for doubtful debts on 1 October Year 6 100 Account payables 1.000 Bank 4 500 Cash in hand 45 Fixtures and Fittings 11700 Motor Vehicles 18 000 Retained earnings on 1 October Year 6 8.463 Drawings 4 500 Capital 15 000 Wages and Salaries (admin staff) Insurance Advertising 4 000 3.000 1 500 2210 2 500 1000 Motor Vehicle running costs Accountancy fees Discounts granted Discounts received 2 500 Bad and doubtful debt expense 760 Suspense account 3 000 TOTAL: 106 563 106 563 1. At 30 September Year 7: 2. Closing inventory valued at cost $10,000 3. Wages not yet paid but vested in the period $1 000. 4. On 1st May the fee for accountant was paid. No other fees were paid for the accountant before (or after). The fee was paid for half a year (1st May - 31 Oct). 5. The suspense account includes a payment (contribution) for the business from the owner of the business (Green) The bookkeeper did not know what to do with the payment, so she included the payment in the books, but the other "leg" was the suspense account. 6. One of our customers went bankrupt whose outstanding balance was $300 the allowance for doubtful debts will be 5% according to previous experience. 7. The motor vehicles are used for the selling function, the insurance is also only for the vehicle. 8. There is no income tax charged in the country. Notes: 13 000 Activity 13: Green The following trial balance was extracted from the books of Green at 30 September Year 7: Account Dr. Cr. Inventory 1 October Year 6 1153 Purchases 37 695 Sales (revenues) 75 000 Sales (revenues) returns 1 000 Purchases returns 1500 Account receivables Allowance for doubtful debts on 1 October Year 6 100 Account payables 1.000 Bank 4 500 Cash in hand 45 Fixtures and Fittings 11700 Motor Vehicles 18 000 Retained earnings on 1 October Year 6 8.463 Drawings 4 500 Capital 15 000 Wages and Salaries (admin staff) Insurance Advertising 4 000 3.000 1 500 2210 2 500 1000 Motor Vehicle running costs Accountancy fees Discounts granted Discounts received 2 500 Bad and doubtful debt expense 760 Suspense account 3 000 TOTAL: 106 563 106 563 1. At 30 September Year 7: 2. Closing inventory valued at cost $10,000 3. Wages not yet paid but vested in the period $1 000. 4. On 1st May the fee for accountant was paid. No other fees were paid for the accountant before (or after). The fee was paid for half a year (1st May - 31 Oct). 5. The suspense account includes a payment (contribution) for the business from the owner of the business (Green) The bookkeeper did not know what to do with the payment, so she included the payment in the books, but the other "leg" was the suspense account. 6. One of our customers went bankrupt whose outstanding balance was $300 the allowance for doubtful debts will be 5% according to previous experience. 7. The motor vehicles are used for the selling function, the insurance is also only for the vehicle. 8. There is no income tax charged in the country. Notes: 13 000

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